will i be able to do an iva

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scubastrong

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Post by scubastrong » Thu Mar 20, 2008 12:29 am
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i have just bought a house and borrowed the money for a deposit from my parenta as i had to put a 30%deposit down but have debts around 90k and am struggling will i be able to do an iva or will they make me sell my house
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AlanO

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Post by AlanO » Thu Mar 20, 2008 12:47 am
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Hi Scubastrong,

Best you talk to an expert - however I would suggest that your parents would wish to protect their interest and may well be able to establish a suitable trust deed relating to their investment in the property.

There are a range of options on how to deal with the debt and the experts will be able to find the right solution for you.

All the best Alan

www.debtdr.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu Mar 20, 2008 12:57 am
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Hi scubastrong and welcome to the forum

So long as you can afford to repay your mortgage, and make a reasonable monthly payment to your creditors, there should be no problem in proposing an IVA.

Alan makes a good point about your parents protecting their interest, and I suggest that they explore taking a legal charge over your property for the amount of the deposit monies. This will protect their investment in the event of an eventual bankruptcy, and to avoid them being affected by a final year equity release provision.

How much do you feel you would be able to offer to creditors on an ongoing monthly basis - and is your mortgage fixed at a low interest rate for a set period of time?
Regards, Melanie Giles, Insolvency Practitioner
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